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Medical Imaging Market size to exceed USD 59bn by 2030

  • Published Date: July 15, 2022

Medical Imaging Market size is set to surpass USD 59 billion by 2030, according to a new research report by Global Market Insights Inc.

Increasing healthcare expenditure along with R&D investment and adaptation of innovative medical imaging modalities will drive market expansion. Additionally, favorable government initiatives will foster the business landscape.

Growing disease burden along with a rapidly growing geriatric population will fuel the medical imaging market progression

Medical imaging can be a lifesaving aspect for diagnosing health disorders and medical conditions, especially in the geriatric population with comorbidities such as cardiovascular diseases, chronic kidney diseases, lung disorders, as well as diabetes. The rising geriatric population along with geriatric comorbidities enhances the demand for medical imaging facilities such as X-ray, MRI, and CT scanning relative to other healthcare services enhancing the industry outlook.

Moreover, medical imaging plays a vital role in the diagnosis and management of older adults. Due to rising costs of healthcare and complex clinical presentations, primary care physicians need to use radiological intervention and imaging among geriatric population for accurate and timely diagnosis of disease. This factor will upsurge the demand for diagnostic medical imaging techniques that are utilized at the patient’s bedside for fast examination and early diagnosis.

Browse key industry insights spread across 147 pages with 252 market data tables & 13 figures & charts from the report, “Medical Imaging Market Analysis By Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030 in detail along with the table of contents:

Increasing cases of cardiovascular disorders (CVDs) will spur the medical imaging market statistics

MRI segment surpassed USD 6.8 billion in 2021. MRI is the most frequently used imaging technique for the diagnosis of brain and spinal cord related conditions. MRI is often performed to help diagnose disorders of spinal cord, brain injury from trauma, aneurysms of cerebral vessels, tumors, stroke, and other traumatic injuries affecting blood flow to the brain.

Growing demand for MRI can be attributed to rising incidence of brain tumors and traumatic injuries to the brain. Brain and other nervous system cancer is the tenth leading cause of death for people worldwide. Hence, high number of cancer cases upsurges the demand for MRI for accurate diagnosis.

Growing preference for diagnostic centers will boost the medical imaging market size

Diagnostic centers segment accounted for 29% revenue share in 2021 is set to register a significant CAGR through 2030. This is owing to the surging adoption of advanced medical imaging modalities MRI, CT, PET scans, and ultrasound examinations in the diagnostic centers. Additionally, an increase in the number of diagnostic centers and easy access to them increase the footfall of patients in diagnostic centers. Similarly, rising awareness amongst patients, increasing incidence of chronic diseases and favorable insurance policies play a role in increasing the market share of diagnostic centers.

Highly competitive medical imaging market in Europe will contribute to medical imaging industry expansion

Europe market is projected to register 4.5% CAGR during the forecast period. This is due to the increasing number of cancer cases in Europe. Breast cancer, lung cancer, prostate cancer, and cancer of the colorectum were reported to be most common in the continent. With such rising cases there is a growing demand for medical imaging technology to allow early detection and timely diagnosis of cancer. This allows for exponential market growth in Europe.

Major leaders are focusing on strategies & launching innovative products to capture a higher market share

Some of the key market players operating in the medical imaging industry include Canon Medical System Corporation, Carestream Health, Esaote, Fujifilm, GE Healthcare, Hologic, Konica Minolta, Koninklijke Philips, Samsung Medison, and Siemens Healthineers. These market players are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and strengthen their value.

For instance, in December 2021, GE Healthcare announced the acquisition of BK Medical from Altaris Capital Partners, LLC. BK Medica is a leader in advanced surgical visualization. With this acquisition, GE Healthcare expanded its ultrasound business expansion from diagnostics into surgical and therapeutic visualizations.

Authors: Sumant Ugalmugle, Rupali Swain

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